Posted on: 26th Aug, 2010 10:41 am
My husband and I have no mortgage but would like to transfer ownership
of our home to our two children and keep a life tenancy in it. I know that
they legal will be responsible for the taxes but we will give them the money
while we are living.
Once we have both deceased it is understood with my daughter that she
will transfer her right to the home to her brother. I trust my daughter implicitly, but will this transaction be legally binding? Can we go ahead
as I have directed and transfer to both of them. thank you
of our home to our two children and keep a life tenancy in it. I know that
they legal will be responsible for the taxes but we will give them the money
while we are living.
Once we have both deceased it is understood with my daughter that she
will transfer her right to the home to her brother. I trust my daughter implicitly, but will this transaction be legally binding? Can we go ahead
as I have directed and transfer to both of them. thank you
Hi Not too sure
If you have a doubt then you must take a step to solve it by legal means.
I will suggest that you should transfer the property to your son's name only and put a condition in the will that your daughter can stay in the property for the period as long as she wishes to live there.and by no other means your son can remove her from the property (you can also stipulate some time frame for this.)
I feel this could be one of the option you should consider while dealing with this.may be your attorney could be a right person to shed more light on this subject matter.
DIPA
If you have a doubt then you must take a step to solve it by legal means.
I will suggest that you should transfer the property to your son's name only and put a condition in the will that your daughter can stay in the property for the period as long as she wishes to live there.and by no other means your son can remove her from the property (you can also stipulate some time frame for this.)
I feel this could be one of the option you should consider while dealing with this.may be your attorney could be a right person to shed more light on this subject matter.
DIPA